EUR/GBP - possible falling wedge on the monthly chart

Taking a look at the EUR/GBP as the pair is trading in a flat range as the UK elections take place. Currently, the euro is trading at around €0.8466 against the pound. Looking at the monthly chart, we can see a potential falling wedge formation, which usually suggests that selling momentum is starting to fade. However, with the elections underway it is yet unclear what effect this will have on sterling, A positive impact could lead to a break out of this wedge to the upside, with resistance for July reading €0.8555. However, a move above the April high of €0.8644 would be needed to confirm the trend reversal. Towards the downside, the support in focus is last month’s low of €0.8397. A break below this level would likely cause a fall towards the summer lows of 2022. The technical indicators certainly favour the bears as the MACD is relatively negative and the RSI is gradually slipping as it reads 42.